Lloyds shamed with £220m rigging fines

Share via

Lloyds is the third major British bank to reach a deal over the manipulation of benchmark ratesAndrew Matthews/PA:Press Association

Harry WilsonCity Editor

Last updated at 10:50PM, July 28 2014

Lloyds Banking Group has been hit with £220 million in fines and compensation
costs after settling with the UK and US authorities over its involvement in
rigging borrowing rates for its own profit and to hide its distress in the
months leading up to the financial crisis.

The bank was fined £105 million by the Financial Conduct Authority as part of
a deal with British and American regulators who uncovered evidence of
repeated attempts to manipulate international and domestic rates. The US
Commodity and Futures Trading Commission imposed a $105 million fine on the
bank, while the US Department of